Figure Technologies is setting its sights on becoming a key player in the burgeoning Web3 landscape, with plans to launch a blockchain-based version of its company stock in the future. This ambition was highlighted by Co-Founder and Executive Chairman Mike Cagney in a recent CNBC interview.
Cagney expressed confidence in the transformative power of Web3 technology, drawing parallels to the dominant position of major tech companies in Web 2.0. “Similar to the influential ‘mag seven’ in Web 2.0, Web 3.0 will have its own leading companies. We believe Figure has the potential to be one of them, given the broad and world-changing nature of the technology,” he stated.
Figure’s initial public offering (IPO) is scheduled to commence later today, priced at $25 per share. This exceeds both the previously indicated range of $20 to $22 and the initial range of $18 to $20 announced in August. The IPO comprises 23.5 million Class A common shares offered by the company, along with eight million shares from existing shareholders. At the high end of the valuation, this places the company’s worth at over $5 billion. Notably, the deal has been upsized twice this week.
Even before its Nasdaq debut, FIGR stock has already garnered a significant following on Stocktwits, exceeding 600 users. Investor sentiment towards the company has surged from “bullish” to “extremely bullish” over the past 24 hours, accompanied by “extremely high” levels of online discussion.
Beyond its entry into credit markets, Figure is also developing a “fast follow” plan to issue a second, purely blockchain-based version of its equity. This initiative would sidestep traditional financial intermediaries such as the Depository Trust and Clearing Corporation (DTCC) and the Nasdaq exchange. Cagney explained, “The advantages of blockchain usage are threefold: increased transactional efficiency, enhanced liquidity, and, most importantly, the ability to create decentralized finance systems that directly connect capital sources and users.”
He further asserted that blockchain-based equities would empower investors with greater control, including the ability to directly manage their shares and capture the full economic benefits of stock lending without relying on prime brokers. “I believe this technology possesses the potential to create more far-reaching disruption than any technology before it,” Cagney concluded.
High Relative Strength, Low Social Following
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